Binance is an exchange platform that allows you to trade with different cryptocurrencies including Bitcoin. Even though it is a highly secure platform, the fact that there is not enough information on how the funds are secured can tick you off. There are no functions that enable direct account closure, but you can maneuver with the right guideline. Aside from centralized platforms like Binance, you can also purchase a hardware wallet that allows you to decentralize your funds. Choosing the right hardware wallet ensures you don’t have to worry about PC malware affecting your storage system.

What is Binance? / Introduction to Binanace

Binance is one of the biggest global cryptocurrency exchange platform that allows you to trade with over 100 cryptocurrencies. It was founded in 2018, and today it holds large trading volumes. The CEO, Changpeng Zhao founded the company in China, but it was later moved to Japan following the cryptocurrency ban issued by the Chinese government. Changpeng Zhao is also the founder of Fusion system that has been functional since 2005. Binance is part of the cryptocurrency wallet’s team, and it is a secure exchange platform.

Aside from moving serves to Japan, and establishing offices in Taiwan, Binance also negotiated to trade security tokens in Malta. Binance jersey is an independent entity born out of Binanace in an attempt to expand influence into Europe. In 2018, Binance Uganda enabled fiat-to-cryptocurrency; a major advancement on Binance’s part. This is a high-performance centralized exchange that allows you to trade in digital currency.

Binance PROs

Binance has the lowest fees on the market with an excellent trading interface. This is a fast and effective exchange platform that prioritizes security, robustness and execution speed. Binanace serves a variety of cryptocurrencies including bitcoin. The platform has multiple device support including Andriod, HTML5, WebChat and many more platforms. The very high transaction processing speed and the proprietary platform technology makes it a suitable choice.

Binance CONs

Binance only provides options for limit and market orders. This is strictly a cryptocurrency only exchange that cannot be funded with fiat currency. It is a Hong Kong-based exchange with relatively low liquidity, and it’s not very accessible to beginners.

Reasons to Close Binance Account

Due to the terms and conditions update on the Binance website, some users might be locked out of their accounts because of their country of birth. Coming from a sanctioned country, you won’t be able to use Binance, but you can access your account and transfer your cryptocurrency to another exchange platform or to a hardware wallet. Consider contacting customer support to find out more about why you can no longer use Binance.

Sometimes, cryptocurrency trends move drastically low, making it tricky to trade in digital currency. In such cases, you may want to delete your Binance account. Besides, even though it is one of the biggest cryptocurrency exchange platforms, on does not always fit all. You can opt for a solution that suits your need. In which case, deleting your Binance account is a reasonable choice.

Some of the things that can result in dissatisfaction include withdrawal issues, technical problems and delays. You can also opt out if the user interface is too complicated for you and you have a hard time finding what you are looking for. It could also be because of the annoying newsletters that keep being sent to your email.

How to Close Binance Account – Step By Step

How the Binance website is set up, you are not allowed to close your account. There are no functions that directly allow you to delete your account, but there is a manoeuvre that works. Remember to withdraw your cryptocurrency before disabling your account as you can use them on another exchange platform. Remember that once you disable your account, the action is irreversible. Make sure it is what you want to do before proceeding with the process below.

• The first step is to log into your account using a different IP Address. This can be done by using a different computer. This action will trigger the system, and you’ll get a notification from
Binance in your account.
• Go to your email and click on the login notification. The email will have a link that says ‘Disable Your Account’ and clicking on this link closes your Binance account. This is How to Delete Binance Account. Clicking on the link automatically freezes your account.
Even though Binance is one of the best exchange platforms globally, feel free to delete your account when you are not satisfied with its performance.

How to Withdraw Your Cryptocurrency from Binance

When closing your Binance account, it is important to remember to withdraw your cryptocurrency first. Below is a step by step guide on how to do just that;

• The first thing you want to do is go to the Binance website; www.binance.com and click login on the menu. Enter your login details and wait for your account to load.
• Once you access your account, click on funds and go to Deposits and Withdrawals. You’ll need to select the coin or token you want to withdraw.
• After choosing the coin or token you want, click on the withdrawal button. Key in the address, tag and amount and then click submit.
• You’ll get a notification from Binance to your registered email address. The email title should be Withdrawal Request Confirmation. Ensure you check to confirm that it is the transaction you intended before proceeding.
• Once you confirm it is the right transaction, proceed with the withdrawal. You can track the progress once the process is complete.
Best Places to Store Cryptocurrency Outside of Binance
When your crypto surges in value, you can opt for decentralized storage that allows you to have your digital currency at hand. Even though centralized platforms offer excellent opportunities to trade and multiply what you already have, the exchange platforms get unsolicited interest from hackers now and then. Even though Binance and other centralized platforms have measures put in place to guarantee the security of your funds, hackers are getting cleverer by the day.

Decentralized storage is safe since it allows you to enjoy convenience, mobility and peace of mind. Consider removing your crypto from an exchange and purchase a wallet that has the best combination of convenience, user-friendliness, security and mobility. Below are suitable options you can go for;

• Trezor
Trezor is one of the first movers in the market that guarantees security and mobility. This hardware wallet has gold standards when it comes to security. With such a wallet, you protect your crypto from virtual and physical theft. This hardware wallet acts as a vault since the malware on your PC does not affect its performance. The superior security features ensure that you rest easy, knowing your digital currency is safe.

• Ledger Nano S
Ledger Nano S is an affordable hardware wallet that is portable and easy to carry around. This is a small sized decentralized storage that ensures your crypto is safe.

Binance Support Review

Binance support is operated by a resourceful team that provides comprehensive run downs for any questions and requests you might have. The highly responsive team is prompt when it comes to delivering professional aid. There is however no live chat for real-time assistance. Binance does not also have a phone number you can use the customer support team. Support tickets are submitted using online forms, and you get a response on your Binance registered email.

Conclusion

Binance is one of the biggest cryptocurrency platforms globally. Even though no function allows you to delete your Binance account, there are manoeuvres that allow you to close your account. Always remember to withdraw your crypto funds before completely freezing your account. When you disable your account, the action is irreversible. You can opt for decentralized storage that allows you to have your crypto on hand.

Terms like Bitcoin or cryptocurrency have pretty much become household names by now. But how about Ripple? If you have any degree of familiarity with the current cryptomarket, it must be that you’ve heard of Ripple as well. With its market capitalization standing at $35.42, it happens to be the third most valuable cryptocurrency at the moment. But what exactly is Ripple and why you may choose to invest in Ripple when there are so many cryptocoins to choose from? So, let’s have a closer look.

A Short Introduction to Ripple

The first thing to understand is that Ripple is a cryptocurrency platform whose main aim is to eliminate all the different sorts of problems that are associated with international payment transfers. The platform is basically geared towards enabling faster payments and ensuring greater efficiency when it comes to transferring money from one currency to another and it also acts as an efficient bridge between world’s largest financial institutions. And in order to facilitate the transactions, the cryptocurrency Ripple uses is known as XRP.

Sometimes, people are prone to become confused between Ripple as a global settlement network and XRP, the cryptocoin that Ripple network uses for all exchanges and transactions completed via its platform.

Understanding Different Aspects of Ripple

So, before venturing further, let’s give you a short description or breakdown on different aspects and functions of Ripple. First of all, Ripple is an American Technology Company that started out in 2012 and its main aim was to connect different blockchains and ledgers with a view to facilitate cheaper, faster and more transparent international or global payments.

In fact, if we go back further, the Ripple Project was first implemented by Ryan Fugger, back in 2004, with the intent of creating a decentralized monetary system that can empower communities and individuals to manage their own money without being overly dependent on big international merchants such as banks, etc. In this, Ripple can rightfully claim to have a history older than Bitcoin itself.

The revamped 2012 version was spearheaded by the current CEO of the company, Mr. Brad Garlinghouse who made use of the more advanced technology to make Ripple’s operations fruitful and viable in the fast changing cryptocurrency scene.

Then there is RippleNet which refers to the company’s large network of payment providers around the globe. These include corporate entities, banks, digital asset exchange platforms, payment providers, etc. In fact, large banks as well as many powerful payment providers today prefer Ripple XRP coins more than Bitcoin as their preferred mode of currency transaction (but more on this later).

Finally, we come to XRP that is the crypto or digital currency that is used for all transactions on the Ripple network. XRP cryptocoins also happen to be the native asset of the open-source blockchain XRP Ledger that operates on network of p2p servers

How is Ripple different from Bitcoin and Ethereum?

Now comes another big question. We’ve mentioned that according to current market share, Ripple XRP is the third most valuable cryptocurrency. With a market capitalization of $192.93bn, Bitcoin is way ahead of the pack. Next to it, there is Ethereum with a market cap of $83.80bn. However, though all three companies issue their own cryptocoins, there are crucial differences between them and understanding these differences may helpful for someone planning to invest in the crypto market.

Bitcoin: Bitcoin is by far the most well-known term when it comes to anything related to cryptocurrency. The main aim of Bitcoin is to launch a decentralized platform with the help of digital currency and to remove (or at any rate, reduce as much as is possible) the control from central banks and governments. We can justifiably refer to Bitcoin as a true cryptocurrency since it acts as an alternative to fiat money. And this classification holds huge signification from a tax perspective. Unlike Bitcoin, pretty much all current crytocurrencies available today are rightly classified as securities.

Ethereum: Etehreum, another crypto platform powered by the blockchain technology, is different from both Ripple and Bitcoin in that its central aim was to to resolve the issue of internet hackers by competing against the powerful web-based entities that are responsible for storing all the important security data. Ethereum is best known for its encoded contracts commonly known as ‘smart contracts’. The company also issues its own cryptocoin, the Ethers, with which you can transact with global vendors who accept them.

How to Buy Ripple Step by Step as an United States Citizen

XRPs can be bought with USD by using a credit or debit card—but not if you are a US citizen. This is somewhat unfortunate since it would’ve been so much easier if you could bought Ripple with USD in a direct and easy manner. However, as of yet, you cannot do that as a US citizen, regardless of what state you live in. So, what do you do to invest in Ripple?

Here is our short step-by-step guide on how to buy and safely store your XRPs as a US citizen. First of all, if you already have some Ether or Bitcoin in your wallet, you can use a number of safe and reputable currency exchange sites (such as Binane, OKEx, Poloniex, etc.) to change your Bitcoins or Ethers into Ripple XRPs. But assuming that you d not have any cryptocoins in your wallet, the first thing you need to do is to open an account at a reliable exchange and buy the coin of your choice from there.

Select an Exchange

Our suggestion is you settle for Coinbase.com. This is a safe and reputable exchange platform where you can buy both Ethers and Bitcoins using a US credit card. The process is easy and involves no difficulty whatsoever. You need to open an account; set up and verify it following the requested procedures and can then buy your Bitcoins within a matter of minutes.

Select an Exchange Where You can Exchange Other Cryptocoins for Ripple

As we’ve mentioned, not all digital currency exchange platforms allow buying XRP or trading other coins for XRP. However, with Ripple’s growing popularity in the crypto market, a host of Ripple-friendly exchange sites have come up where you can exchange your Bitcoins or Ethers for XRPs. Some of the most popular of these exchange platforms include Binance, Kraken, OKEx, Poloniex, Bitfinex, Bittrex, Huobi and others. However, to go by the verified customer reviews, we would recommend Binance.com over others. The process again is fairly simple. You open, set up and verify your account; transfer your purchased Ether or Bitcoins to your account and then change it to XRPs.

Why Binance?

There are a number of reasons. When it comes to trading cryptocurrencies, Binance is rated as the fastest growing exchange platform. Among top-volume crypto exchange platforms, Binance has grown in leaps and bounds to reach the 10th position in the period of just 5 months. Binance’s neat user interface, its multiple language availability—these are prime reasons behind its huge popularity. But more than anything else, the fact that the website is able to process the transactions at considerably faster speed compared to its competitors is perhaps the most important reason why more and more people are choosing Binance as their preferred exchange platform, especially when it comes to changing other popular crypto coins to XRPs.

Alternatives to Binance

Kraken and Bitstamp: Both Kraken and Bitstamp hold an advantage over Binance is that both these exchange sites offer trading pairs between XRP and other fiat currencies. At Bitstamp, they offer trade pairings of XRP & EUR/USD. In case of Kraken, you can trade between USD/EUR/CAD/JPY and XPR. However, these facilities also mean that if you are focused on XRP only, the speed on your transaction speed can come down considerably for the very reason that they offer such a large number of choices.

Poloniex and Bitsane: These sites operate more or less similarly like Binance. And just like Binance, none of them offer any direct XRP/USD pairings. You’ll have to buy trading coins from other sites and then exchange them to XRPs. Again, when it comes to XRP exchange volume, Poloniex also ranks within the top 10 Ripple exchange sites.

However, despite these alternatives, in view of Binance.com’s growing popularity, we would recommend Binance as Top Exchange Platform as far as RippleXRP coin exchange is concerned.

Top Ripple Wallets

The next step is to store your XRP in a private wallet. Of course, if you so prefer, you can always store your coins on the exchange site (for example, at Binance). However, for security reasons, it is strongly suggested that you use a private Ripple wallet to store your crypto coins.

Now, when it comes to private wallets, you typically have two options: you can either use a software wallet or you can store your XRPs on a hardware wallet. The obvious advantage of storing your coins in a software wallet is that you can access your account from any device with internet connection, no matter where you are. And this can be a sizeable advantage for those who are engaged in trading their cryptocurrencies on a frequent basis. However, normally we do not trade our cryptocoins too frequently, not at current anyway, so it is not that big a factor whether or not you can access your crypto account at any and all times.

On the other hand, the biggest reason behind not storing your Ripple coins on a software wallet is that these wallets are nowhere as safe as hardware wallets. On software wallets, your digital signatures and private keys are stored online and as such, are vulnerable to cyber hack. For this reason, we strongly recommend that you store your XRP on a hardware wallet. Still, if you would like a software wallet for your XRPs, two of the best places, according to our research is CoinPayments and ToastWallet.

How to Safely Store Ripple Currency: Hardware Wallets

Hardware wallets are designed so that you can store your crypto funds securely offline. These are tamper-proof USB devices that can store unlimited cryptocoins and can generate private keys and digital signatures completely offline. These devices make use of state-of-the-art technology with a view to provide utmost security to your crypto funds. What is more, the technology related to this field is a rapidly developing one and you can expect more sophisticated-and safer- devices in the near future. Already, we have a few devices that use security grid cards and are equipped with sign-off after transaction, double-check screen and other advanced features.

Best HardwareWallets

When it comes to hardware wallets, you can find some of the best products at Ledger.com. In fact, as a hardware wallet brand, Ledger is way ahead of the pack thanks to their highly sophisticated devices that are also available at a competitive price. Two of the most popular and advanced products offered by the brand are Ledger Nano S and Ledger Nano X.

Ledger Nano S

This device uses a secure chip that is used for credit cards and passports and your private key keeps securely protected within this chip locked by a unique pin code. It is easy enough to set up your account within the device and you can control the gadget with the help of only 2 buttons. What is more, even in case you lose your device, all your data will remain secure via Ledger’s confidential recovery phrase back-up technology and you can get back your old account fully restored on any new Ledger device. You also have the option to manage all your transactions through Ledger’s patented companion app named Ledger Live. Apart from popular crypto coins such as XRP, Bitcoin, etc., the device also supports more than 1100 cryptocurrencies and you also receive multi-language support from some of the top cryptocurrency experts of today.

Ledger Nano X

An even advanced device from Ledger is their most recent offering, Ledger Nano X. this Bluetooth enabled device offer all the standard features of NANO S but in addition to them, you receive the benefits of more advanced technologies especially when it comes to backup and restore and safety issues.

There are a growing number of cryptocurrency exchanges out there, and Binance is one of the fastest growing. In just a short amount of time, it has evolved into a top 10 exchange when looking at volume. While there have been some bumps in the road at times since launching in 2017, the Binance Verification Time seems to continually be a hot topic for those just starting out. Here is what to expect with the company as a whole.

Signing up on Binance

Signing up for a Binance account is a pretty straightforward process. First, a person needs to just create an account to be used on the exchange. After that, a person is thrown into verification level 1. A person does not have to fully verify their account at this point, but it does have a limit of 2 BTC per day with withdrawals.

In order to have the ability to withdraw 100 BTC a day, a more detailed verification process is needed. Reaching level 2 means that a person will need to upload identification and wait for approval. There will also be an email sent for additional verification to complete the registration. For another layer of security, a person can set up a two-factor authentication by enabling the SMS authentication.

How Long does it usually take to go through the Binance Verification process?

The verification process seems to vary quite a bit, but at most it should probably take about a week. If the support staff helping to run the site is not too backed up, they can push the verification through in just a few days. It just is tough to judge at times, so people should give themselves at least a week.

The good news is that a person is allowed to trade without verification, but there is of course a limit not being able to withdraw more than 2 BTC per day can really put a damper on things, but it is usually only temporary as a person goes through verification.

Common issues of ID Verification during Process

Getting verified can sometimes be complicated because of a few common issues. It is nothing that can’t be corrected, but people should be aware when going through everything.

The ID verification process should only take 15 minutes at the most, and people are encouraged not to refresh their browser. If they do, or they take longer than 15 minutes, there is a 30 minute wait before a person can try again.

Submitting the documents needed is straightforward for the most part, but some of the most common issues are still prevalent. Here is a list of things people should always keep in mind when sending in the application.

Only photos in PNG or JPEG format are accepted.
All photos must be clear, in high-resolution and with all information displayed.
Photos can not show any signs of editing.
Only color photos are accepted.
A person’s face must be completely visible.
Only one person is allowed in the photo.
Only original documents can be presented.
The ID in the photo must be valid.
The handwritten note must have the word “Binance” on it with the exact date it is sent in.

Most people seem to get tripped up with the sign. It should not be blocking a person, and it needs to be in focus as well. This is very important to tell that the picture is current.

Binance Support – How to Get in Touch

Getting support from Binance is best done by calling them at 1-800-805-3811. They will be able to assist people who are having trouble either with the verification process, or just when using Binance in general. They have standard work hours, so keep that in mind when looking for assistance.

For slower assistance, a person is able to submit a request on Binance for answers. Support tickets usually take about 48 hours for a response. The company has not said whether or not they have ruled out live chat support in the future, but as of right now it is not available.

Binance vs. the Competition

With Binance being one of the newest exchanges out there, people are always comparing it to some of the top competitors out there. While it might not be the consensus number one option for exchanges at this point, it certainly is carving out its own little space.

Since it is a new exchange, there are still a ton of points available for purchase. People still have the opportunity to get in on everything early on. The Binance Coin is also very useful because it allows people to save on trading fees instead of using other options.

One other thing that sticks out for Binance when compared to all the others is that they have what is called the Secure Asset Fund for Users. This takes 10% of all trading fees as a collection for the company to hold in case of a hack. If a hack happens at other exchanges, a lot people are simply out of luck. This is some nice insurance for those who want to feel a little bit more comfortable.

Binance vs. Coinbase

Coinbase is one of the most well known companies connected to cryptocurrency out there. Founded in 2012, it is one of the originals in this industry. It has a high amount of trust in the industry, and user reviews are solid.

One negative for Coinbase is that their fees are medium to high for the industry. Meanwhile, Binance can bring people in with their very low fees. Those fees really add up, especially for the power users.

Binance deals with cryptocurrency only for withdrawals and deposits, while Coinbase offers more traditional options. Finally, some people trust companies based in the USA more, so while Coinbase is in San Francisco, Binance is based in Malta.

Binance vs. Poloniex

Poloniex is a smaller option for people to consider, but unfortunately it doesn’t stack up against Binance too well. For starters, they don’t support nearly the same amount of cryptocurrencies out there. The lack of an app also really hurts them.

Poloniex has developed a reputation for having terrible customer support, which really hurts them in the long run as well. Despite being a company based in Hong Kong and Tokyo, Binance has very good customer service.

Binance wins the fees competition, but not by much. Poloniex fees go up to 0.25%, but they can sometimes dip to where Binance is at 0.1%.

The only real advantage Poloniex has is that they were founded three years before Binance. Other than that, Binance wins this head to head battle.

Binance vs. Bitfinex

With both companies based in the same relative area, Binance and Bitfinex get compared quite a bit. They also are probably two of the most similarly run exchanges, with just a few minor differences.

Bitfinex, which launched in 2012, allows for wire transfers for deposits and withdrawals. With Binance, people can only use cryptocurrency.

The fees are low for both, but Binance once again wins this battle. It is simply impossible to find a well known exchange with fees at 0.1%. The company has also been able to gain a lot of trust from customers because of their ability to keep that rate where it is. Meanwhile, Bitfinex only has an average trust rating when looking at reviews online. They simply do not deliver as good of a customer experience overall for people.